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New Yorkers place record setting $600 million in mobile sports gambling launch

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New Yorkers bet a record $ 603 million when they launched mobile sports gambling, according to preliminary data released Friday by the state gaming commission.

Gross gaming revenue from football, basketball, hockey and other sports on Jan. 8-16 was $ 48.2 million.

That means New York – which imposes a large 51 percent tax rate on the income of mobile sports betting operators – has already pulled $ 24.6 million into state coffers.

For two weekends and nine days, New York left Pennsylvania behind on its most successful launch. According to PlayNY.com gambling analysts, Keystone State generated $ 23 million in sports betting revenue in November 2021.

In just two weekends and nine days, the New Yorkers surpassed Pennsylvania in the most successful start in sports gambling – setting a record of $ 603 million in bets.

The $ 603 million stitched at launch was $ 67 million per day for betting.

For comparison, New Jersey set a U.S. record for bets in a month with $ 1.3 billion in bets, or about $ 41.9 million per day, in October, PlayNY said.

“The volume of bends has exceeded even the most optimistic forecasts so far. Some of this is finally the passion for mobile sports betting, ”said Mike Mazzeo, a PlayNY.com analyst.

“Some of this is heavy advertising by operators. The bottom line is that New York is playing in a league of its own. ”

Game commissioner Brad Mayone said: “We were pleased with the catch [amount wagered], which is interested in accessing mobile sports betting and licensed providers.

State Sen. D-Queens Jr., who chairs the Racing, Gaming, and Betting Committee.

From January 8 to 16, the total revenue from football, basketball, hockey, and other sports was $ 48.2 million, raising $ 24.6 million for the New York State Treasury.
From January 8 to 16, the total revenue from football, basketball, hockey, and other sports was $ 48.2 million, raising $ 24.6 million for the New York State Treasury.

“These are great numbers. It’s a good start and we have the National Football League play-offs and the Super Cup waiting for us, ”said Addabbo.

Preliminary reports revealed the following:

  • Caesar’s sports book topped the list with $ 257.7 million in bets and grossing $ 22.7 million.
  • FanDuel recorded $ 200.4 million in bets and $ 14.1 million in earnings.
  • Draft Kings reported revenue of $ 134.4 million and $ 10.9 million, respectively.
  • BetRivers made $ 10.6 million in bets and $ 446,696 in revenue.

“We’ll see if New York can maintain those big numbers as the sports calendar changes and promos for new users start to die,” PlayNY.com said. “However, this report is really encouraging because the state has the potential to become the No. 1 sports betting market in the United States.”

As Senator Joe Addabbo approached the National Football League Super Cup, he said the numbers were a "great" and "solid" start.
Senator Joe Addabbo Jr. said the numbers are a “great” and “solid” start as the National Football League Super Cup approaches.

Addabbo’s only complaint is that Caesar’s launch was caused by an online glitch that affected customers ’attempts to bet.

Before phone and internet sports betting was approved, gamblers could only bet on games at top state casinos, an inconvenient track for many state residents.

Many city dwellers simply set up mobile accounts and crossed the Hudson to make phone bets in neighboring New Jersey.

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